If enacted, the bill would require the Secretary of State to prepare a report detailing the imbalances in treatment of diplomats and officials and propose strategies for rectifying these disparities. The legislation reflects growing concerns regarding the extent to which PRC policies inhibit the functioning of U.S. that are engaged in China, while simultaneously allowing PRC entities wide-ranging access to the United States. This could result in stricter guidelines on how U.S. diplomats and businesses operate within China and enforce accountability on previously made bilateral commitments.
Summary
SB3040, titled the 'True Reciprocity Act of 2023', seeks to establish a principle of reciprocity in relations between the United States and the People's Republic of China (PRC). The bill identifies the current state of the relationship as notably unreciprocal, with U.S. officials facing significant restrictions within China that do not apply in the reverse. The bill aims to ensure equitable treatment in diplomatic and business engagements, aiming to balance the scales against perceived PRC advantages in influence and access.
Contention
Notably, the proposed bill raises challenges related to existing international agreements and the diplomatic landscape. Critics may argue that such actions could escalate tensions between the two nations and could affect areas such as international trade and cooperation in pressing global issues. There are concerns that if reciprocity is sought unilaterally, it could harm U.S. interests abroad and in areas involving mutual concerns like security and environmental issues, where cooperation may be necessary. The bill could also face scrutiny regarding overall diplomatic relations, potentially impacting the channels of communication that are vital for negotiation and conflict resolution.
Securing American Families and Enterprises from People's Republic of China Investments Act or the SAFE from PRC Investments Act This bill requires certain issuers of securities and funds traded on an exchange to report on connections to China or the Communist Party of China. In particular, an issuer with specified connections to China must annually disclose a variety of details, including whether executive-level employees, senior directors, or board members are members of the Communist Party of China; interactions with the party; expenditures in China; expenditures in the United States regarding operations and lobbying activities; and the ability of the Public Company Accounting Oversight Board to audit the issuer. Additionally, an exchange-traded fund that invests in a Chinese company must annually disclose about that company ownership information, party involvement, whether the company participates in specified Chinese policies or activities, any ties to U.S.-sanctioned individuals, and the types of products or services produced by the company.
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